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Trump says he expects to raise China tariffs: Wall Street Journal

 

Shipping containers are seen at a port in Shanghai, China July 10, 2018. REUTERS/Aly Song

 

WASHINGTON (Reuters) - U.S. President Donald Trump said on Monday he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from the current 10 percent and repeated his threat to slap tariffs on all remaining imports from China.

 

In an interview with the Wall Street Journal four days ahead of his high-stakes meeting with Chinese President Xi Jinping in Argentina, Trump said it was "highly unlikely" he would accept China's request to hold off on the increase, which is due to take effect on Jan. 1.

 

"The only deal would be China has to open up their country to competition from the United States," Trump told the Journal. "As far as other countries are concerned, that’s up to them."

 

Trump, who is due to meet Xi on the sidelines of the G20 summit in Buenos Aires this week, said that if negotiations were unsuccessful, he would also put tariffs on the rest of Chinese imports.

 

"If we don’t make a deal, then I'm going to put the $267 billion additional on," at a tariff rate of either 10 percent or 25 percent, Trump told the Journal.

 

A Chinese official told reporters last week that the two leaders would look to set guidelines for future talks.

 

"The main issue is how to settle down the trade war," the official said on condition of anonymity due to the sensitive nature of preparatory negotiations. "I am conservatively optimistic that can be done," he added.

 

Trump said the next round of tariffs could also be placed on laptops and Apple Inc's <AAPL.O> iPhones imported from China, which are part of that $267 billion list of goods not yet hit by tariffs.

 

Cell phones and computers, among China's biggest exports to the United States, have thus far been spared as the administration has sought to minimize the impact on U.S. consumers. The Journal said the administration has been worried about a consumer reaction to such levies.

 

"Maybe. Maybe. Depends on what the rate is," Trump said, referring to the possibility of tariffs on mobile phones and laptops, according to the Journal. "I mean, I can make it 10 percent, and people could stand that very easily."

 

Shares in Apple fell in after-hours trading after the interview was published. An Apple spokesman did not immediately respond to Reuters' queries.

 

Apple CEO Tim Cook has personally pressed the issue of tariffs with Trump, telling the president that while there are valid concerns about U.S.-China trade relations, tariffs are not the best way to resolve them.

 

Despite using contract manufacturers to make most of its products overseas, Apple has also sought to emphasize its contribution to the U.S. economy, saying it plans to spend about $55 billion in 2018 with its U.S.-based suppliers.

 

(Reporting by Eric Beech; Editing by Peter Cooney and Lisa Shumaker)

 

-- © Copyright Reuters 2018-11-27

[billd766]

A trade war is easy to win isn't it Mr Trump?

 

Just slap sanctions and tariffs on anything that isn't made in the USA and you can save US jobs.

 

https://www.bbc.com/news/business-46350057

 

General Motors (GM) plans to halt production at five factories in North America and cut more than 14,000 jobs.

The US carmaker has also announced it will close three plants outside North America by the end of 2019.

The moves follow rising costs and slower car sales and come as the firm focuses on its line-up of trucks, electric and self-driving vehicles.

*Edited for Fair Use*

 

And there is more detail as well, including the rising cost of steel. Just follow the link,

Edited November 27, 2018 by Scott
Edited for Fair Use

[candide]

That's called shooting oneself in the feet! Raising tariffs will hit more the US and it allies than China! ????

"Of the factory-cost estimate of $237.45 from IHS Markit at the time the iPhone 7 was released in late 2016, we calculate that all that’s earned in China is about $8.46, or 3.6 percent of the total. That includes a battery supplied by a Chinese company and the labor used for assembly.

The other $228.99 goes elsewhere. The U.S. and Japan each take a roughly $68 cut, Taiwan gets about $48, and a little under $17 goes to South Korea. And we estimate that about $283 of gross profit from the retail price – about $649 for a 32GB model when the phone debuted – goes straight to Apple’s coffers."

http://theconversation.com/we-estimate-china-only-makes-8-46-from-an-iphone-and-thats-why-trumps-trade-war-is-futile-99258

 

[Kiwiken]

He is a man sawing off the branch of a tree while he sits on the branch itself. His fall will be hard and sudden

[connda]

It works until it doesn't. 

[Ulic]

China has not lived up to its commitments to open up its markets to foreign competition since Richard Nixon gave China favored nation trading status and opened up the US market to China. China says, "these things take time". Almost 50 years later China continues to stall. Maybe Trump's negotiation should contain a 40-year delay clause. Tariffs will be dropped 40 years after Chinese markets are fully open. China's promises mean nothing. Trump should keep up the tariffs and pressure until China's markets are fully open plus 10 years.

[toenail]

I wonder if Trump’s merchandise made in China will be tariffed? 

[Tug]

Hey he is a very stable genius lol the latest out of his mouth is he is threatening to close the border with Mexico over his manifctured border crises the Mexicans are a major trading partner sooo China bad Mexico bad guess who gets to pay it ain’t Donald yup you get a star!!!its you!!!! Tired of winning yet??

[quandow]

He keeps cutting, and cutting, but it's STILL too short!